Pop-Up Retail Stores Are All The Rage Thanks To Cooling Retail Rents
Pop-up retail stores are coming back into vogue as a softening Manhattan retail market requires creative ways to fill vacant space, according to The Wall Street Journal. The arrangement lets stores set up temporary space, often at discounted rents, to test out whether the location will work. Landlords also benefit because having a temporary tenant in place is helpful in showing off the space to prospective longer-term tenants. The pop-up phenomenon comes as retailers have grown cautious of adding brick-and-mortar space at a time when online shopping is attracting more and more consumers. In the third quarter, available space increased in nine of the 11 Manhattan retail submarkets tracked by Cushman & Wakefield, compared with the same period a year ago. Read more at Crain’s New York.
